DL E&C's stake in U.S. Small Modular Reactor firm jumps sixfold

April 29 (Asia Today) -- DL E&C said Tuesday the value of its stake in X-energy, a U.S. small modular reactor company, has increased nearly sixfold in three years after the company successfully listed on the Nasdaq.

DL E&C said its X-energy stake was worth about 172 billion won ($125 million) as of Tuesday. The value rose from $20 million, or about 30 billion won, after DL E&C joined X-energy's Series C funding round in January 2023.

X-energy priced its initial public offering at $23 per share, above its expected range, and continued to rise after its listing, climbing to the $34 range. The rally came as small modular reactors gained attention as a key power source amid growing electricity demand driven by artificial intelligence.

X-energy, a fourth-generation small modular reactor developer backed by the U.S. Energy Department, has secured a business pipeline of 11 gigawatts through partnerships with Amazon, Dow and Centrica. The company is developing high-temperature gas-cooled reactor technology.

DL E&C has maintained a partnership with X-energy since joining the Series C investment round. The Korean builder recently signed a small modular reactor standardization design contract worth about $10 million with X-energy, marking the first case in which a Korean construction company directly received payment from an SMR developer to carry out related work.

Small modular reactors are reactors with power capacity of 300 megawatts or less and are seen as a next-generation energy source that can help meet power demand while supporting carbon neutrality goals. Britain's National Nuclear Laboratory has projected the global SMR market could reach about $500 billion by 2035.

"As X-energy gains strong recognition in the market, we expect a virtuous cycle that will lead to a rise in the value of DL E&C's stake," said Yoo Jae-ho, head of DL E&C's plant business division. "Based on our experience building large nuclear power plants, we will expand SMR-related investment and build unrivaled global competitiveness."

-- Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260429010009294

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This story was originally published April 29, 2026 at 7:36 PM.